Get AI Briefings, Transcripts & Alerts on Local & National Government Meetings — Forever.
Mission council approves TIRZ extension and authorizes up to $18 million in bonds to fund redevelopment projects
Loading...
Summary
The City of Mission extended the term of Tax Increment Reinvestment Zone (TIRZ) No. 1 by 15 years and authorized the mayor to execute a resolution allowing the Mission Redevelopment Authority to issue bonds capped at $18 million to reimburse approved projects, with the planned borrowing set at $17 million.
The Mission City Council on April 28 approved an amendment extending the term of Reinvestment Zone No. 1 by 15 years and authorized the mayor to execute Resolution No. 2058, allowing the Mission Redevelopment Authority to issue bonds not to exceed $18,000,000 to finance TIRZ projects.
Mission EDC executive staff said the approved borrowing is $17,000,000 and that the $18,000,000 cap reflects additional fees associated with bond counsel and financial advisors. "We put the cap at 18,000,000…so there'll probably be a few $100,000 [for] financial advisors or the bond attorney," the EDC representative said, adding the authority expected a bond pricing on May 19 and an estimated closing on June 11.
The EDC briefing listed projects to be funded or reimbursed through the bond proceeds, among them previously authorized work on Bridal Road and Taylor Road. Officials said they will seek a rating for the MRA and anticipate maintaining an A‑minus rating. "We anticipate that it's gonna stay at an A minus," the EDC speaker said.
A council member asked for final numbers once the bonds are sold; staff said it would provide the exact sale figures when available. Legal and finance staff clarified that the council was delegating signature authority to the mayor because bond sale timing can conflict with open‑meetings requirements.
The motion to approve the ordinance and the resolution passed unanimously. The council recorded the ordinance as No. 5808 and the bond authorization as Resolution No. 2058. Councilmembers did not specify dissenting conditions or amendments to the bond authorization during the vote.
Next steps include the MRA's rating call, bond pricing and closing; staff said funds can be reimbursed to the city as soon as the bonds close and proceeds are available.
